Goodyear Earnings Soar, Sees Growth Next Year

Goodyear Tire & Rubber (GT) doubled its third-quarter net income from a year ago and forecasted global industry growth for 2010.

The Akron, Ohio-based tire company earned $72 million, or 30 cents a share, last quarter, compared to $31 million, or 13 cents a share, in the same period a year ago. On a non-GAAP basis, Goodyear earned 45 cents a share, topping analysts’ estimates of 40 cents a share.

The tire-maker’s revenue sank by 15% from a year ago, to $4.4 billion, but that narrowly beat the Street’s view of $4.26 billion. It also represented 11% growth from the second quarter. Goodyear said its North American 2009 sales have slid 15% from a year ago.

“We are pleased that our results for the quarter were in line with our original operating plan despite more difficult conditions than we had expected at the beginning of the year," CEO Robert Keegan said in a statement.

Goodyear’s results were helped by cost cutting, as the company slashed 300 jobs last quarter, building on 5,500 first-half reductions.

Goodyear said it anticipates year-over-year global industry growth next year, especially in regions featuring high-value-added features, large rim diameters and fuel-efficient technology.